Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,820,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 518,000 $ 1,120,000 Estimated costs to complete 962,000 0 Billings during the year 410,000 1,410,000 Cash collections during the year 310,000 1,510,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. (If no entry is required for a transaction/event, select "No journal entry required" in the first 1

Record the entry for costs incurred during the year 2023.

2

Record the entry for billings during the year 2023.

3

Record the entry for cash collections during the year 2023.

4

Record the entry for revenue from long-term contracts.

5

Record the entry for costs incurred during the year 2024.

6

Record the entry for billings during the year 2024.

7

Record the entry for cash collections during the year 2024.

8

Record the entry for revenue from long-term contracts.

9

Record the entry to close the construction accounts.

• Note := journal entry has been entered

Journal entry worksheet

• Record the entry for costs incurred during the year 2023.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
2023